rmd up 18% in us overnight

Resmed had a ripper last night in the US up over 18%. Yesterdays results have been taken warmly by the market and this should see the shares move back up to levels from a year ago when concerns over growth particularly in Germany saw the shares halve in value.

Please note that this was taken from the Egoli website.

ResMed posts record results
August 14, 2002
In the United States overnight, ResMed (RMD) announced both its fourth quarter and full-year results to the market. The results included a 222% increase in net income to US$37.5 million, up from its previous profit of US$11.63 million, affected by a one-off acquisition charge of US$18.2 million in 2001.

Even after taking into account the one-off acquisition charge, the sleep disorder treatment company still posted a 26% increase in net income for full-year 2002.

The underlying result was helped by increased revenues of US$204.1 million, a rise of 32% for the full-year, while a good fourth quarter net income of US$9.8 million also helped the company post what the chief executive described as a “record” result.

Earnings per share were US$1.10, up from US$0.35 per share for the same period in fiscal 2001.


Mr Peter Farrell, chairman and chief executive officer, said: "These record profit and revenue results for the June quarter and fiscal year 2002 reflect ResMed's continuing robust sales and profit growth.”

Included in the results were domestic sales increases of 27% over the June 2001 quarter to US$28.4 million, “reflecting very healthy domestic demand for our SDB products”.

Resmed also said that despite the negative impact of recent health care changes in Germany, the company’s biggest market outside the U.S., they were quite encouraged by the 13% increase in international sales, compared to the June 2001 quarter.

During the fourth quarter the company continued its debt repurchase as part of its ongoing capital management activities repurchasing US$22.75 million face value of its convertible subordinated notes at a total purchase price of US$18.9 million and signalling that it may repurchase additional notes as appropriate.

The company also repurchased 290,047 shares of its stock for US$7.9 million during the quarter, following an authorisation allowing the company to repurchase up to 4 million shares.

ResMed is a leading developer, manufacturer, and marketer of medical equipment for the diagnosis and treatment of sleep-disordered breathing, selling a range of products in over 60 countries.

Yesterday, ResMed closed 10c higher to $5.25